Northwest Pipe Co. on Thursday issued restated financial statements going back to 2007, and for the first time released some more recent results.For the first half of this year, the company reported a loss of $341,000, down from a $128,000 profit for the same period in 2009.
For all of 2009, Northwest Pipe (Nasdaq: NWPX) reported a loss of $7.3 million, compared to a profit of $31.3 million in 2008.
In July, the Vancouver-based maker of steel pipes disclosed that it overstated profits by $37 million to $47 million over the course of a number of years. The company had said it was developing restatements of past financial reports. It had until Thursday to file the statements to avoid being delisted by the Nasdaq stock exchange.
The company is the subject of an investigation by the SEC. It faces a class-action lawsuit. It also has faced repeated delisting threats from the Nasdaq for failing to file timely financial results.
